grabUp is a preference pane item which allows you to grab any part of your screen and automatically post it online and share with your friends.
Since we had the program page open while we were testing out grabUp we knew that you have to hit CMD + Up + 4 to start capture and then CMD + V to save your image. Although that information is pretty easy to remember it would have been nice to have it in the preference pane menu.
grabUp can be activated from Preferences and will then show up in your menu bar. Clicking on the little icon will bring up a list of latest images. You can't change their names though and will have to remember the date and time at which you took a picture. grabUp automatically displays pictures on the web, with its own url included so sharing with friends is literally just a case of sending over the address. It's a shame that you can't store your images on your drive beforehand though.
grabUp will be of most use to people looking to send over screengrabs via the web. However keep in mind it is limited to basic features.